Wellington Capital PIF/Octaviar (MFS) PIF

selciper · 7 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Javier - Your post 97 is correct in its observations. I spoke with WC yesterday and asked some hard questions. There was no evasion or any attempt to dress up the deal. I was told, in answer to my question, that investors spoken to were seemingly favouring continuation of the Fund. Also, I've noticed some posts are becoming vindictive. That doesn't help anybody. It looks to me like a few contributors aren't reading the financial press sufficiently. Clearly, this would be a crazy time to liquidate.

kitbee · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Right,everybody has gone to bed, got to try and be positive about this PIF thing, JH is the girl, let's see what she has to offer on her website. Start with the term sheet,looks good...support claim $50mil...PAC $23mil+....another $62mil ....$85mill...$55....$30. My God this is lookin' good. Last page, bit of a slog but I'm getting there, but what is this in 6(a) pp4......"in reaching arrangements with any of the persons/entities listed in 4(a) above"......cant recall 4(a).....bugger can't find it, must be getting late. Hang on this document/draft has Freehills logo on it. Big law firm, they dont make errors like this, must be4(A) ...like a capital"A"......then the 4 could be substituted for1,2,3, 5 with the "a" attached. Oh well it's only a small legallity, can't be to pedantic, we are only talking about maybe five to eight hundred million bucks, small change!!
Remember Freehills were advisors to MFS on the takeover of S8 around the beginning of 2007, JH from WCL advised on the deal for S8. McCullough Robertson also advised S8 on its takeover by MFS. Brett Heading is Chairman of Partners and a Partner in the Corporate Advisory Group for the firm Mccullogh Robertson and also husband to JH.
Positive now, you bet 'um, can't wait for September and the vote, will be like getting into bed with Ozzy Osbourne and family.
Will hopefully see the PWC report that was sorted behind locked doors the other week, my life is in turmoil!!

great dame · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Jadel said:
JH would not like me to much after the last meeting in Brisbane

I still reckon my only chance is a rich widow ???

After my phone call to WC yesterday When i gave them a big blast about listing on the hole in the wall NSX & others things A rich widow is my only hope too //////////////////

great dame · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

CableGuy said:
Precisely my point Seamisty. If people have consulted with experts then tell the actual facts that have come out of those meetings. Don’t just tell me how to vote. I’ll decide that based on the data provided.
JH will take over $20 million over 5 years. $3 million per year based on .45 cent unit but that doubles sometime before 5 years if JH reaches her goal. Liquidator will take $20 million. Octaviar quoted $20 million in their liquidation figures and that’s a lot more complex than the PIF.
The 6 cent per unit distribution is nothing out of the ordinary. JH isn’t pulling this out of her pocket. It comes from the interest on the PIFs assets. If that interest is coming in under JH than it’ll still come in while the fund is wound up. So here are my gestimates:
Liquidation by 31 March 09: 14 cents per unit
Liquidate over 3 to 5 years: 65 cents per unit (plus interest distributions which will reduce as the assets are sold.)
Stay with JH for 1 year: 45 cent units which will be sold for 14 cents on the NSX
Stay with JH for 5 years: $1 units which will be sold for 50 cents on the NSX
Of course the second option isn't available!

CableGuy thats what i have been saying all along But you put it into words just right Everything you say is spot on If Jh gets the vote we will all be lead by the unknown & blind faith A questain for all Would any of you good folk buy into this fund if you had your chance again ???????????????????????

great dame · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Javier said:
I can handle people coming on here and expressing their view. Whether I agree with it or not, everyone has the right to express their opinion in a public arena such as this. You are allowed to be a misery guts, and believe that the sun may not come up tomorrow and have no ability to be optimistic about anything that may be upcoming in your life.

What I can't handle is people that come on here and talk tripe and basically just lie. This means you great dame. Today I have caught you on a second lie. You said that you spoke to WC today and they told you there is no other means of getting your money other than NSX. I spoke to them today and they are awaiting advice from JH who is still going over options. Whether that means NSX is the only avenue may prove be the case, but there is no way they could have told you that today; when the consultant that spoke to you was not in a position to know the answer. That is fact.

The other lie you told was the other day when you said that a WC consultant told you that the vote would come down to the wire in respect to WC securing 75% of the vote. That is just cr@p! I again spoke to a WC consultant about the vote and she confimed that as at 5pm when I spoke to her, WC has taken nearly 1500 callers and they always ask them at the end of the call if they would vote for WC to continue as RE and not ONE caller said they would vote to liquidate. Not one. How would they then tell you it looked tight?

I can take your non-constructive posts with nothing more than bitching about the NSX and how you want ASX, let's face it that is the sum total of them all, but please don't try and be "informative" with plain out lies OK. You can misspell all you like, as long as the content is either true or just opinion.

WC will try and contact most investors between now and the vote via phone to get a gauge how they will vote and answer as many concerns as they may have. JH is quietly confident, as I believe she would not be wasting her time if she didn't feel she had a good crack at getting 75% of the people that will vote.

I am not lieing they did not ask me how i am going to vote i asjked them how do you think the vote will go And the answer i go whas it coud be a cliff hanger As for getting your money back if any the answer was the NSX When i told her what a worthless wast of time that would be she said Jenny has made up her mind about that Look i dont give stuff if you think i am lieing i am telling the truth If anyones lieing its WC to you People like you only believe what they want to believe ////////////

DoraNBoots · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Javier said:
I again spoke to a WC consultant about the vote and she confimed that as at 5pm when I spoke to her, WC has taken nearly 1500 callers and they always ask them at the end of the call if they would vote for WC to continue as RE and not ONE caller said they would vote to liquidate. Not one. How would they then tell you it looked tight?

I have called WC many many times and spoken to different people each time and I have not once be asked how I would vote. And I wouldn't say it was obvious from our conversations how I will vote either.

rich4495 · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Trying to make sense of this post is making my head spin...

kitbee · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Fight you mongrels,fight.I'll bet more than 50% of the Piffies reside around the Gold coast area and you are all tiffying yourselfs up to head off to another sideshow presented by your great white goddess, sit there and gawk like a mob of bleaters waiting for another bit of garbage to be shoved down your throats. How many of you got of your horses yesterday and went down to listen to Wayne Swan give his speil on the super debarkle? Not one. Who bothered to go see the ASIC commissioner Belinda Gibson, she mentioned Centro,Allco, ABC and B & B, no mention about Octaviar. Why not? they were both in town, yes your town. Were we are all sitting down at the Bingo having chatties and sipping the old '82 vintage. Gawd Almighty it's laid at your feet and you shun the opportunity. Come on give it a go, I never hear about AG meeting results, the ball is in your court, don't leave it to a few, go out and hunt the buggers down and get some results. Come home tonight and sit in front of the old monitor and tell everyone your acheivements. There is more than one way to skin the old pussy. While you are out there you may happen upon a couple of our good people doing the hard yards, I bet there is a few looking for alternatives. We have all been dudded and how, this mess didn't just happen, it was engineered and minipulated and if we don't move we are dead, not beaten by a short half head, but stone motherless. What about Kev, give him a call or write him a story, he is the one that told you when he got in he is there to listen, stir the bullants up. He is your man, he is full of steam give him a go!
Me today? Going to see a man about a dog then write a few letters tonight to stir things up.
Enjoy the sunshine.

Duped · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Jadel said:
Trust me on this, in three years time this forum and all the personalities on it will just be a distant memory.

I will probably be in a nursing home with Alzheimer’s disease (am half way there already)

Thank Jadel. Point taken. Didn't occur to me. I'm more your kids generation so 3-5 years is not a problem for me.

great dame · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Jenny & her hench men have decided whats best for us Thet say its cheaper to list on the NSX Then the ASX looks like they have not heard 7 saying you pay for what you get ( except us poor unit holders will be doing the paying) Questain whats it like to have a loaded gun held to your head ??????????????????????????

JohnH · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

JohnH said:
Am I being naive, or is this what liquidation means? Let’s say we get not 14% but an optimistic 30% with an “orderly” liquidation. E.g. $30k on $100k investment. What do we then do? Invest the $30k at 8.5% to give a return of $2,500 p.a. on an inflation depleting asset.
With Jenny, a $100k original investment will return 6 cents or $6,000 with the chance of the original investment being recovered over time. Please can somebody tell me if there is any logical reason we should go for any sort of liquidation??

Well.......... the only answers I have had to this post 2 days ago have been all positive............ nobody seems able to give one solid reason why we should contemplate liquidation. Would have thought Great Doom would have given me a mouthful!

selciper · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Business Sprctator 08/08/08:

The Kooralbyn Hotel Resort in Queensland has accumulated debts of approximately $A60 million and has gone into receivership. The property, which includes a 100-room resort, a golf course and a 36-room golf lodge, owes the troubled Premium Income Fund (PIF) an estimated $A50 million. PIF does not have security over the hotel operating business. Savills Gold Coast is attempting to locate a buyer for the resort in its entirety and says it is holding discussions with several interested parties

Distributed by News Bites. © Lexis-Nexis

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Mary Lynch · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Ho much supposed value in the Kooralbyn Hotel is included in our 45C?

seamisty · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

selciper said:
Business Sprctator 08/08/08:

The Kooralbyn Hotel Resort in Queensland has accumulated debts of approximately $A60 million and has gone into receivership. The property, which includes a 100-room resort, a golf course and a 36-room golf lodge, owes the troubled Premium Income Fund (PIF) an estimated $A50 million. PIF does not have security over the hotel operating business. Savills Gold Coast is attempting to locate a buyer for the resort in its entirety and says it is holding discussions with several interested parties

Distributed by News Bites. © Lexis-Nexis

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:::Hi Selciper, When I spoke to WC regarding this approx 4 weeks ago, I was told that what happened to the Kooralbyn Resort would not have any impact on the 45cent unit price, so I can only assume this had had already been factored in. Will also re-copy an article from the Gold Coast Bulletin from Aug 2:::New owner coming for Kooralbyn:::August 2nd, 2008

A NEW owner is poised to take over the Kooralbyn Hotel Resort as early as next week.

The resort closed its doors two weeks ago under the instructions of liquidator Peter Lucas and they remained closed yesterday.

Mr Lucas, of PA Lucas and Co in Brisbane, was appointed liquidator to Kooralbyn International Hotels, which is understood to have accumulated debts of up to $60 million.

The liquidator did not return calls yesterday, but sources close to the deal said it was likely the resort would be open for business by next weekend if the deal proceeded.

The buyer is understood to be taking over both the resort business and the operation of the golf course.

Kooralbyn International Hotels is directed by New Zealand businessman Ray Schofield, who still controls the resort's property assets, which include the hotel, a 36-room golf lodge, golf course, tennis centre, polo fields and equestrian centre.

The Premium Income Fund, formerly controlled by troubled financial services group Octaviar (ex-MFS) and now in the hands of Jenny Hutson's Wellington Capital, is understood to have a $20 million exposure to Kooralbyn International Hotels.

The ownership of the resort remains clouded, with MFS at one stage touted as having an interest.

Not sure if the 'New owner' is coming or not!!! Regards, Seamisty

DoraNBoots · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

JohnH,

I thought CableGuy had a pretty good answer to your question.

I’m not sure anyone would tell you to go for liquidation but you have to realise it is a possibility. I don’t understand why a lot of people on this forum won’t allow others to discuss this possibility (without being abused) and try to come up with ways to minimise damage should it occur.

Javier · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Possibilty vs. Probability vs. Reality:

Anything IS possible. But let's assess the reality of that. More than 1 in 4 people (on average say) of those chosing to vote must willingly agree to it. If people are still believed to be sane out there in the greater population of investors, then how will this occur? Will it be that at the time people have a pen in their hand, casting off their vote, that each one of those 1 in 4 people voting will have a chronic mental attack and vote for liquidation. Because that is what you are basically saying.

There is also a possibility that Michael King will come out in the 6 o'clock news tonight and say that he has $400m dollars hidden offshore and that his conscience no longer allows him to take another ride on his polo pony without giving it all back to the victims of the Premium Income Fund. That IS possible, but how probable is it, huh?

selciper · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Seamisty -

Thanks for the information. You make the news sound less dramatic in this instance. It might actually be positive for us.

Cheers

kitbee · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots, this may interest you.

http://www.businessspectator.com.au/bs.nsf/Article/Inside-the-new-ASIC-HAS87?OpenDocument&src=sph

zixo · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

THE FIRST SYDNEY PIF AG MEETING WILL BE HELD AT
THE COOGEE BOWLING CLUB
DOLPHIN STREET COOGEE
ON SUNDAY THE 17th OF AUGUST
At 11.00am till 1.00pm

(WOULD BE GOOD IF EVERYONE ARRIVED AT 10.30am)

They have kindly opened their Bistro for us for those of you who would like to Buy refreshments or Lunch

Those of you who would like to attend so we can arrange seating please email me on
zixo7@hotmail.com

CableGuy · 8 August 2008

Re: Octaviar MFS Premium Income Fund PIF

Javier, Chill dude! If you are so sure of the situation you should just kick back to some Chris De Burgh.

Wellington Capital PIF/Octaviar (MFS) PIF

selciper

kitbee

great dame

great dame

great dame

DoraNBoots

rich4495

Richard, Hedge Fund Consultant

kitbee

Duped

great dame

JohnH

selciper

Mary Lynch

seamisty

DoraNBoots

Javier

selciper

kitbee

zixo

CableGuy

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